Whether you own the Section 8 housing or any other rental unit it is prudent to consider property management. The management company will shoulder all the headaches that come with running a rental property, leaving you with more free time to concentrate on other equally important matters. But how can a landlord find affordable property management in Salt Lake City? The following tips should act as pointers.
Obtain referrals from various sources
One of the quickest methods for you to find an affordable property manager is by word of mouth. Talk to people and ask them for names and contact information of the reliable property managers they can recommend. You could ask existing landlords, real estate agents, your colleagues, or even family members. Getting recommendations from different sources is a brilliant idea since referrals’ opinions tend to be subjective and biased. Therefore, if you end up hearing the same names from your various sources, it is highly likely that that property manager is worth your while.
Conduct online searches
Another effective way for you to find affordable management is by running online searches. Fortunately, the internet offers multiple ways for you to do that. For instance, you could type the words ‘affordable property manager’ into a search engine, and you will get details of the various property management companies. After which, you can go through their websites to verify whether they are worth contacting to inquire about handling your rental units. Moreover, you can visit any of the popular online property listing platforms and try locating a desirable property manager. One advantage with listing platforms is that you can customize your search, so as to get responses tailored to your specific location and needs.
Find out about their reputation
Before you engage a property management company, it is prudent to see what other landlords and renters have to say about them. It would be unfortunate for you to enter into a legally binding agreement with an unscrupulous or incompetent contractor. He or she might end up chasing away your tenants, or worse, running down your rental business. Hence, take the time to go over the customer reviews and ratings on the manager’s website, social media platforms, and other popular review sites. Furthermore, check with the BBB (Better Business Bureau) to ascertain what kind of rating the contractor has.
Assess what they are currently doing
A professional rental manager is only as good as his or her current work. How the manager handles other rental units, is the same way he or she will take care of yours. For this reason, take the time to look at some of the activities that the manager is doing. For instance, if they are advertising vacancies, do they use one platform, every possible platform or just the superior ones? And are the rental ad messages compelling and enticing? How do they screen tenants and so on?
What about the rental units under their care? Are they hygienic and well-maintained, and do the residents seem happy and comfortable? Are they set at reasonable rental rates? If possible, ask two or three renters whether or not they would be willing to extend their lease and the reason for their answers.
Interview the prospective management companies
Since you want the most reliable and competent property manager, it is best if you interview several of them. The interview could be face to face, through the telephone or over current online telephone platforms like Skype. During the discussion, find out the level of experience, qualification, pricing, and management style of the manager. Additionally, try and ascertain how knowledgeable the candidate is about the rental market he or she works in. If an interviewee seems evasive, uninformed or uncooperative, it would be to your advantage to move on to the next applicant.
Go over the property management agreement
Any credible property manager should have a well-structured management agreement. The contract clarifies what the responsibilities and liabilities of both the property owner and manager are. Furthermore, it defines the contract period, terms and costs. Since it is a legally binding document, take the time to go over each and every section and clause covered in the contract. Take note of the pricing, services offered and termination sections as these are likely to result in potential future problems.
While it might be tempting to settle for the property manager with the cheapest service quote, doing so might be detrimental to your rental investment. Instead, compare the fee charged by these contractors against the features and benefits, to help you identify affordable property management.